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Tue 29 Jun 2010 12:40 PM

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Kuwait Airways has projected loss of $179m this year

State-owned carrier hasn't made a profit since the 1990 Iraqi invasion of the emirate.

Kuwait Airways has projected loss of $179m this year
KUWAITI CARRIER: Revenue in the current fiscal year is forecast at KD247.3m.

Kuwait Airways Corp, the state-owned carrier being prepared for sale, has a projected loss of KD52.2m ($179m) in the fiscal year through March 2011.

Revenue in the current fiscal year is forecast at KD247.3m and expenditure at KD299.5m, according to a copy of the budget approved today by parliament. Kuwait Airways hasn’t made a profit since the 1990 Iraqi invasion of the emirate.

Kuwait Investment Authority, the country’s sovereign wealth fund, was authorised to establish a company to hold the airline’s assets, KAC Chairman Hamad Al Falah said in a March 4 interview. The fund is forming a committee that has one year to implement the privatization, Al Falah said.

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Wataniya 9 years ago

What's new?

Old planes, old crew, ancient thinking.. Lets put the airline out of it's misery and do away with it altogether.